Car Dealership Goes for $16M
HUNTINGTON BEACH, CA-GlobeSt.com has learned exclusively that the Howard L. Abel Family Trust has sold a 35,076-square-foot car dealership at 18255 Beach Blvd. here to KINKA LLC for $16.2 million. The lot, which occupies 6.3 acres of land, is currently used as a Ford Motor dealership and includes 470 ft. of street frontage on Beach Blvd.
SVP and principal Mike Abel of Lee & Associates’ Newport Beach office represented the seller, while Todd LaPlante of Five Points Commercial represented the buyer in the transaction. The property, which was built in 1968, will continue to be operated as a Ford dealership.
“This sale transaction involved a phenomenal 6.3-acre chunk of real estate on busy Beach Blvd.,” said Abel in a prepared statement. “It made for a great deal for all parties involved; the seller, buyer and the city of HB are all very satisfied with the outcome.”
The deal comes on the heels of Lee & Associates Newport Beach’s $12.75-million industrial sale at 12101 Western Ave. in Garden Grove, CA, on which GlobeSt.com also reported exclusively last month. The property was a 125,000-square-foot building located on a 6.24-acre site, which 12101 LLC sold to Rangar West for $12.5 million.
According to Marcus & Millichap’s Retail Research Market Overview for third-quarter 2012, recovery in Orange County’s retail market is taking shape after a particularly deep downturn caused by the housing bubble and subsequent recession. While the overall number of jobs remains below peak levels, tourism and the booming Asian markets are helping to push the retail market forward. As a result, hotel occupancy has reached 88% here—the second highest in the nation—and as hoteliers re-staffed, the leisure and hospitality sector surpassed prerecession employment levels. The segment also received a boost from the opening of the Cars Land expansion at Disney’s California Adventure, which generated hundreds of new jobs. Already, Orange County attracts more than 42 million visitors each year, which has helped boost retail sales by more than 18% since the depths of the recession, more than twice the national rise.
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